Bitcoin on the way to 'bearadise?' $20K is back as a BTC price target

Introduction: Bitcoin faces a rocky road ahead

Bitcoin (BTC) closed the week hovering above $26,000, but experts warn that doomsday price targets may be on the horizon. As the market saw an 11% decline in seven days, many are questioning whether the $25,000 support level will hold.

New opportunity for Bitcoin

Although the outlook appears bleak, some analysts suggest that a drop below $25,000 could present a "generational buying opportunity." Keith Alan, co-founder of Material Indicators, suggests that a retest of $25,000 support could lead to a double bottom formation and pave the way for an exit rally.

If this scenario plays out, Alan believes that Bitcoin may even reach the 100-week simple moving average, which currently stands at $31,368. However, a failure to hold the $25,000 support level could lead to further losses and a potential move towards $20,000.

Consensus on the $20,000 target

Other experts share the sentiment that $20,000 could come back into focus if the $25,000 support level is breached. Popular trader Skew suggests that a break below $25,300 could lead to a drop towards $24,000 - $23,000, with the possibility of a swing long trade at the extreme end.

Despite the bearish sentiment, Skew notes that intraday price action might see a bounce around the weekly close, potentially pushing the price towards $28,500.

Support levels and warning signs

Analytics platform Whalemap indicates that there are support levels below $25,000, with notable buying volume at $23,200 and $21,000. However, previous whale support levels at $28,250 and $26,950 were unable to hold the market during the recent decline.

Should the price continue to drop, Whalemap identifies $19,200 and $16,600 as additional points of interest.

Disclaimer: This article does not provide investment advice or recommendations. Readers are advised to do their own research before making any investment decisions.